$1tn Wiped From Stocks

In Partnership with io.net

The IO ecosystem continues to grow, with cluster ready GPUs up 32% vs. last week. IO sits at one of the most interesting intersections of AI megatrends and crypto, which we detailed in our recent data driven thread you can read here.

$1tn Wiped From Stocks

Bears are celebrating the “sell the news” ETH ETF event, with ETH down 7% on the day. The ETF launch timing couldn’t have been worse, with Mt Gox starting payouts on day 1 and the Nasdaq having its worst day in 2 years on day 2. With that said, the ETF traded another $1bn today, though ETHE outflows (~$400mm) are stealing the show for now. Post ETHE unwind, the market will be watching for signs of inflows to support the market / ETH.

BTC was down just 2% on the day and SOL was up 1% (again). Most alts were down double digits with the biggest losers seen in ETHFI, TURBO, LDO, ZK and ENS. Notable alt strength was seen in AVAIL, BIGTIME and MYRO. From a CT chatter + volume point of view, PEPE and MEW were mindshare leaders on the day.

Most onchain coins were down 10-20%+ with attention shifting towards more reliable memes like BILLY and newer memes like SELFIE getting promoted on twitter (and tripling). New launch SCF also was a large 1d attention gainer.

Relative strength was seen in just a few non new launch memes, including:

• SELFIE

• ily

• BILL

• MAGAA

• BUB

SOL bot trading volume continues to crush everything else, hitting 70% share yesterday. DEX bot volumes today were down ~50% vs. yesterday so far, which is not a good sign.

In terms of tokens aged 0-5d with $100k+ of smart holdings (aka new launches to watch), quant and SCF both showing some notable smart holdings on SOL. While on ETH just PC and PAO hit these parameters.

Interesting new projects getting smart follows:

• Onikuma

• Meridian

• Moonshot

• Henlo kart

• The Sink

• Narrative

• Augment

• Tomb on Base

• Npc labs

• Chef.fun

LBP to Watch: Magnify Cash

The LBP for MAG is now live. Magnify Cash is a Decentralized Credit Market that supports lending in any currency, against any collateral, on your own terms. Its product is already live on Base testnet, with mainnet launch at the end of July. What’s cool about MAG is that it can support both onchain assets and RWAs (like real estate and luxury items). Learn more here.

SMART MONEY CORNER - Presented by chainEDGE

• AZUR, ZYN and BITCOIN seeing notable smart bids today despite the weak market

• While MEW, PARRY, SCF and SELFIE saw notable smart buying on SOL

• MEW and LOCKIN again the only SOL tokens at the top end of smart $ held seeing some smart accumulation. While on the lower end MOTHER and SCF were also notable outliers.

• EVM smart balances again showing down only positioning, with MIGGLES notably seeing a 58% drop in smart balances. While MOG was the only top end coin seeing positive accumulation trends. On the smaller balance end, just AZUR and WOLF saw some interesting accumulation

MEME OF THE DAY